NMDC slashes prices for lump ore at Rs4,400 per tonne; stock skids ~1%

7 Jun 2022 , 10:58 AM

NMDC Limited, India’s one of the largest iron miners, has informed investors and exchanges of the sharp reduction in the prices of Lump Ore and Fines.

The company has further stated that the price for Lump Ore has been reduced by Rs1,100 per tonne to Rs4,400 per tonne. Similarly, the price of Fines has been reduced by Rs1,000 to Rs3,310 per tonne.

Lump Ore is high-grade iron ore with iron (Fe) content above 65%. Fine can be said to be an inferior grade ore that requires beneficiation.

The company further stated that the above FOR prices are excluding Royalty, DMF, NMET, Cess, Forest Permit Fee, and other taxes.

The prices are effective from June 5, 2022, said the company in its regulatory filing on Monday.

Since iron ore is a vital raw material used in the manufacturing of steel, any movement in mineral prices has a direct impact on the rates of steel.

NMDC Ltd is currently trading at Rs123.95 down by Rs0.7 or 0.56% from its previous closing of Rs124.65 on the BSE. The scrip opened at Rs124 and has touched intraday high and low of Rs125.75 and Rs123.15 respectively.